RSA Insurance Group (RSA) has concluded the disposal of its operations in Brazil to Suramericana, the insurance subsidiary of Grupo de Inversiones Suramericana (Grupo SURA).

RSA believes the completion of the remaining disposals of its Latin American operations in Chile, Argentina, Mexico, Colombia and Uruguay, will conclude over the next six months.

RSA Group CEO Stephen Hester had said: "We are pleased to announce the disposal of our Latin American businesses to Suramericana.

"With RSA’s focus on its largest markets in the UK & Ireland, Scandinavia and Canada, it has become increasingly clear to us that RSA is no longer the best strategic owner of these businesses.

"In Suramericana we have an experienced and committed regional player who can make the business a much more central part of their strategy."

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